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2 min read|Updated: Mar 23, 2026|Published: Jun 27, 2018 Penalty for late filing of income tax
How many have of us have considered Income tax returns filing as a burden and a secondary and do not keep it on our to-do list? Here are the HOW TO AVOID PENALTY BY FILINGS INCOME TAX RETURNS WITHIN THE DUE DATE (ITR)
Shockingly more than 30% of the taxpayers do not consider it as an important compliance obligation
The government of India has been very strong and active with regards to tracking and monitoring of black money and income tax, they have started using big data to identify tax evaders and non-filers
Due Dates for Filing Income Tax Returns
The following are important not to miss due dates for filing Income Tax returns
For Salaried Employees and NRI's
The due date for filing income tax returns is 31st July
For Business Persons / Individuals
Small Business Covered under presumptive taxation under 44AD i.e small business and with turnover less than 2 crores other than in profession shall file income tax returns within 31st July
2.
The penalty for late filing income tax return is now as follows:
- Penalty if taxable income is less than Rs.5 lakhs – Rs.1000
- Late Filing between 1st August and 31st December – Rs.5000
- Late Filing After 31st December – Rs.10,000
Do not miss the income tax deadline file on time and avoid penalties
For assistance on Income tax return filings contact us on 044-48560333/ + 91 9962287333 or email us on support@virtualauditor.in
